Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prospects, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom’s results could be materially adversely affected. In particular, there is uncertainty about global economic activity and inflation, the demand for Millicom's products and services, and global supply chains. The risks and uncertainties include, but are not limited to, the following:
| • | global economic conditions, foreign exchange rate fluctuations and high inflation, as well as local economic conditions in the markets we serve, which can be impacted by geopolitical developments outside of our principal geographic markets; |
| • | potential disruption due to health crises, including pandemics, epidemics, or other public health emergencies, geopolitical events, armed conflict, and acts by terrorists; |
| • | telecommunications usage levels, including traffic, customer growth and the accelerated transition from traditional to digital services and alternative technologies; |
| • | competitive forces, including pricing pressures, piracy, the ability to connect to other operators’ networks and our ability to retain market share in the face of competition from existing and new market entrants as well as industry consolidation; |
| • | the achievement of our operational goals, environmental, social and governance targets, financial targets and strategic plans, including the acceleration of cash flow growth, the expansion of our fixed broadband network and the reduction in net leverage; |
| • | legal or regulatory developments and changes, or changes in governmental policy, including with respect to the availability and terms and conditions of spectrum and licenses, the level of tariffs, laws and regulations which require the provision of services to customers without charging, tax matters, controls or limits on the purchase of U.S. dollars, the terms of interconnection, customer access and international settlement arrangements; |
| • | our ability to grow our mobile financial services business in our Latin American markets; |
| • | adverse legal or regulatory disputes or proceedings; |
| • | the success of our business, operating and financing initiatives and strategies, including partnerships and capital expenditure plans; |
| • | our expectations regarding the growth in fixed broadband penetration rates and the return that our investment in broadband networks will yield; |
| • | the level and timing of the growth and profitability of new initiatives, start-up costs associated with entering new markets, the successful deployment of new systems and applications to support new initiatives; |
| • | our ability to create a new organizational structure for the Tigo Money business and manage it independently to enhance its value; |
| • | our ability to optimize the utilization and capital structure of our tower assets, and increase our network coverage, capacity and quality of service by focusing capital on other fixed assets; |
| • | relationships with key suppliers and costs of handsets and other equipment; |
| • | disruptions in our supply chain due to economic and political instability, the outbreak of war or other hostilities, public health emergencies, natural disasters and general business conditions; |
| • | our ability to successfully pursue acquisitions, investments or merger opportunities, integrate any acquired businesses in a timely and cost-effective manner, divest or restructure assets and businesses, and achieve the expected benefits of such transactions; |
| • | the availability, terms and use of capital, the impact of regulatory and competitive developments on capital outlays, the ability to achieve cost savings and realize productivity improvements; |
| • | technological development and evolving industry standards, including challenges in meeting customer demand for new technology and the cost of upgrading existing infrastructure; |
| • | cybersecurity threats, a security breach or other significant disruption of our IT systems or those of our business partners, suppliers or customers; |
| • | the capacity to upstream cash generated in operations through dividends, royalties, management fees and repayment of shareholder loans; and |
| • | other factors or trends affecting our financial condition or results of operations. |
A further list and description of risks, uncertainties and other matters can be found in Millicom’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the U.S Securities and Exchange Commission on April 8, 2025 (the "2024 Annual Report"), including those risks outlined in “Item 3. Key Information—D. Risk Factors,” and in Millicom’s subsequent U.S. Securities and Exchange Commission filings, all of which are available at www.sec.gov.
All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, we do not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
